Bitcoin is currently trading above the historic and crucial $100k level and is up by more than one percent in the last 24 hours. According to analyst Josh of Crypto World, Bitcoin is forming a new pattern in the short term that we should keep an eye on. Here’s a breakdown of his analysis:
Bitcoin’s Bullish Market Overview
The analyst said that Bitcoin is clearly still in a bull market. The weekly RSI is signaling a strong bullish trend, which has led to major bull runs in the past. The MACD is also showing bullish signs, similar to last year when it predicted a major rally that lasted for months. Based on these indicators, it’s likely that the bull market could continue into 2025.
Resistance and Price Targets for Bitcoin
Currently, Bitcoin is facing resistance level at around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin can break above this, we could see a move towards $113,000. The next key price target is $113,000, but it’s still a while before Bitcoin might reach $300,000, which could take a few more years and possibly the next bull market.
For support, Bitcoin is holding at around $89,000. Short-term, the price is consolidating around $100,000, and we might see sideways movement for a while as the market cools off.
Bitcoin is forming a symmetrical triangle pattern, with support around $99,000 and resistance around $102,000. A breakout above $102,000 could push the price towards $108,000, while a break below support could lead to a move down to around $93,000.
Bitcoin Liquidity Heat Map
The Bitcoin liquidation heat map shows significant liquidity building around $104,000 to $105,000. If Bitcoin breaks above this level, we could see a short squeeze, pushing the price higher. There are also other liquidity levels between $102,000 and $105,000, which could play a role in future price action.
Bitcoin Dominance Drops, Altcoin Season Begins
The Bitcoin dominance chart is showing a decline, currently at around 55%, after breaking a key support level at 57%. This confirms that altcoins are likely to outperform Bitcoin in the near future, hinting at a start of a major altcoin season.
